U.S. taxpayers who own a Canadian Registered Retirement Savings Plan (RRSP), Canadian Registered Retirement Income Fund (RRIF) or own or are the beneficiary of a Canadian Registered Education Savings Plan (RESP) may have special tax reporting requirements. Reporting Requirements for all RRSPs, RRIFs, and RESPs Some IRS reporting requirements are the same for RRSPs, RRIFs, […]
Question: My mother just passed away and I inherited $5 million that she kept in offshore bank accounts. The problem is that while she was alive, she did not report the existence of these accounts on the FBAR nor did she report the interest income made on these accounts on her tax returns. What are […]
U.S. tax authorities and foreign governments are on track to conclude dozens of agreements in coming months on the sharing of financial data about citizens giventhe July 1, 2014 deadline nearing for implementation of a sweeping U.S. anti-tax evasion law – the Foreign Account Tax Compliance Act (FATCA). If a foreign bank or financial institution […]
If you paid or accrued foreign taxes to a foreign government on foreign source income that is still subject to U.S. tax, you may be able to take either a credit or itemized deduction for those taxes. The IRS allows the foreign tax credit so that you are not doubly taxed on the same income. […]
We hear this question all the time. CPA’s prepare tax returns and there are a lot of CPA’s and other tax professionals who are great in preparing tax returns. A taxpayer will provide them with information and tax documents and a return will be generated for filing with the IRS. This process I refer to […]
It is surprising how many people think that just because someone worked for the IRS, they think that the former official has some kind of advantage in private practice. What I find is that IRS agents are trained to deal with matters that are black and white. However many times matters are gray and that’s […]
Unfortunately, this is a trap that so many taxpayers full into. Revenue Officers are by definition “Collection Officers” for the IRS. Revenue Officers are assigned to accounts to collect back taxes. The Revenue Officer is working for the government’s best interest to collect the taxes that are owed as quickly as possible and to have […]
Many U.S. taxpayers do not realize that they must report their worldwide income, regardless of whether they are living in the U.S. or abroad. If you are a U.S. Citizen or resident alien, you must report your worldwide income from whatever source, subject to the same income tax filing requirements that apply to U.S. Citizens […]
Through my years in this profession, that is a commonly asked or thought-about question. We call these companies “Offer Mills”. These companies which have no track record or history come in and out rather quickly and are never associated with any individual willing to put his or her name to the company and what the […]
Through my years in this profession, that is one of the most commonly asked or thought about questions. Usually a taxpayer’s attention to his or her tax problems stems from a notice generated by some department of the IRS (which may look extremely intimidating) demanding that the taxpayer immediately contact either the Revenue Officer or […]
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